Release Date: April 16, 2015
Contact: Carol Danko, 202-962-7390, email@example.com
SIFMA Statement on Trade Promotion Authority Legislation
Washington, DC, April 16, 2015 - Today, SIFMA issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO the introduction of "The Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015)" by Senate Finance Committee Chairman Orrin Hatch, Ranking Member Ron Wyden, and House Ways and Means Chairman Paul Ryan:
"The opportunities for the United States to expand its exports overseas, while strengthening investment protections, are substantial. The United States is presently negotiating the Trans-Pacific Partnership with 11 economies in the Asia Pacific region and the Transatlantic Trade and Investment Partnership with the European Union. If both succeed, U.S. businesses stand to gain new customers in markets representing almost 40 per cent of world GDP. That would also allow us to build substantially on the millions of U.S. jobs already supported by exports. And, for an economy that is three-quarters services, a Trade in International Services Agreement between 50 countries, that stands to modernize and invigorate over two-thirds of global services trade and investment (including financial services), is equally important to secure.
"Trade Promotion Authority is essential if we are to realize these gains. The President and Congress must, together, set clear trade negotiating priorities to allow the United States to secure the best deals. We applaud Senators Hatch and Wyden and Chairman Ryan for their strong bipartisan cooperation in introducing this bill and urge its adoption by the Congress."
SIFMA is the voice of the U.S. securities industry, representing the broker-dealers, banks and asset managers whose 889,000 employees provide access to the capital markets, raising over $2.4 trillion for businesses and municipalities in the U.S., serving clients with over $16 trillion in assets and managing more than $62 trillion in assets for individual and institutional clients including mutual funds and retirement plans. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org